QBE.AX rises to highest close since February 23rd
QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for May 17, 2018
Moving higher for the 2nd day in a row, QBE.AX finished Thursday at 10.42 gaining A$0.01 (0.1%) on low volume. Today's closing price of 10.42 marks the highest close since February 23rd. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was A$0.15 (1.44%), that's slightly below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After trading as low as 10.30 during the day, the share bounced off the key support level at 10.41. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 10.31 in the previous session, the stock found buyers again around the same price level today at 10.30.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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